DUBAI Pok Kai Liao. They Followed The S'pore Model. S'pore Next?

[ahleebabasingaporethief]

I remembered our Ministars were blowing their trumpets that DUBAI will follow the S'pore economic model and that S'pore have exported our expertise to them. This was in the early 1990s.

It went on and on, blah blah blah.

Every fucking cuntry in the world should foolow the S'pore model....China, Vietnam, .....every Lung Chiau cuntry the MINISTARS visit, they always say that.

Well DUBAI is now BROKE.

At least they are HONEST and dare to admit to that.

The CHOW KEILENGS FTs just dumped their hire purchase cars at the airports by the tens of thousands and left Dubai without paying. Wonder how many of those CHOW KEILENGS have found their way to S'pore?

Dubai's main investment fund seeks debt payment delay


<!-- S BO --> <!-- S IIMA --> <table align="right" border="0" cellpadding="0" cellspacing="0" width="226"> <tbody><tr><td>

Dubai World has fuelled the emirate's rapid economic growth of recent years

</td></tr> </tbody></table> <!-- E IIMA --> <!-- S SF -->The government-owned investment company behind Dubai's rapid development drive has asked its creditors for a six-month delay on repaying its debts.
Dubai World, which has total debts of $59bn (£35bn), is asking creditors if it can postpone its forthcoming payments until May next year.

Dubai World has also appointed global accountancy group Deloitte to help with its financial restructuring.

The company has been hit hard by the global credit crunch and recession.
<!-- E SF -->The malaise has also affected Dubai as a whole, where following six years of rapid growth, the economy has slumped since the second half of 2008.
This has led to Dubai property prices falling sharply.

'Shocking'
The Dubai government said in a statement that the request to delay debt repayments also applied to property developer Nakheel, a Dubai World subsidiary.
"It's shocking because for the past few months the news coming out has given investors comfort that Dubai would most probably be able to meet its debt obligations," said analyst Shakeel Sarwar, of SICO Investment Bank.

Dubai is one of the seven self-governing emirates or states that make up the United Arab Emirates.
Analysts say the Dubai government has paid the price for a flamboyant economic model centred on foreign capital and giant construction projects. (...sounds familiar? S'pore?)

Some have speculated it is likely to turn to the more economically conservative Abu Dhabi emirate to bail it out.
Global credit rating agency Standard & Poor's, which rules on a company's or government's ability to repay its debts, said the announcement "may be considered a [debt] default".

As a result, it said it was downgrading its ratings on several Dubai government-related financial entities.
The Dubai World announcement was made on the eve of the Eid al-Adha Muslim festival, which will see many government agencies and companies close in Dubai until 6 December.
​

 

[Char_Azn]

Just a simple question. If Dubai follow our model, that means we are ahead of them in every way with accordance to the model that we are using. If that's the case, shouldn't we be going bankrupt before they do?

 

[ahleebabasingaporethief]

Just a simple question. If Dubai follow our model, that means we are ahead of them in every way with accordance to the model that we are using. If that's the case, shouldn't we be going bankrupt before they do?

Who knows if we are or not?

Remember president Ong Teng Cheong who asked S'pore citizens to get the GARMENT to do an AUDIT on our reserves?

And the answer was....."will take 52 man years to do an audit".

52 years ah...don't play play.
​

 

[longbow]

Dubai does not have much oil contrary to what many think. Also their reliance on oil money is subject to fluctuation in oil prices.

Singapore has a much stronger economy. Its port facilties itself does not "run out" like oil and prices for port fees are much more stable. The support industry around the port is also substantial.

 

[kensington]

Lonely When You Have No Neighbours, SIANZ.....

First, the dreams...
then comes the nightmares...
reality check, the WORLD ENDED @ Dubai...

The Irish guy who bought Ireland commited suicide when he discovered his Guinness Stout tasted like camel's pee in the heat.


Of those 300 man-made islands, only one is occupied, built-on lavishly, as usual, by the Mighty Lonely Emir of Dubai who has just added on his multiple job descriptions;
The The Beach Bum
The gardener,
The poolboy,
The water taxidriver,
The ranger,
The Undisputed Hermit Of The 300 ISLANDS Et Al...
Kinda creepy when surrounded by those deserted deserts islands but there will be winners afterall when those displaced sea creatures return and they will surely have a WHALE of a time in prospecting after their former habitats that had been given the once-over, inside-out renovations.
The Fishes say, Thank You, Dubai....



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The WORLD project in Dubai. The building boom in the Gulf state has turned into a deep property slough.

Dubai World, the government-owned conglomerate behind the former P&O ports operator as well as some of the most ambitious building projects in the Gulf state, is asking creditors for a six-month "standstill" on its debt repayments and has appointed Deloitte to restructure the business. The request underlines the parlous financial position of Dubai in the wake of a building boom that has turned into a deep property slough, leaving the skyline dotted with the skeletons of half-built towers. One broker in the credit insurance market described it as the "biggest sovereign-related credit event since the start of the crisis".

Dubai World, which includes the property developer Nakheel, has built some of the most ostentatious projects in the state, including the Palm Jumeirah, a man-made island stretching into the ocean and the base for luxury hotels and villas and the World Islands, a series of islands shaped to represent a map of the earth – and where work was suspended before it was finished earlier this year. The conglomerate is shouldering about $60bn (£35bn) in debt and has $4bn falling due next month. Dubai World's ability to repay the bond had been seen as a key test of the state's financial health. The group is asking lenders to extend maturities until at least 30 May.

The conglomerate also includes DP World, which controversially bought P&O for £3.3bn in 2005, putting an end to a 168-year history of British ownership of the ports operator. The company was founded under a royal charter from Queen Victoria in 1840 to carry cargo around the British empire. Among other overseas deals, DP World bought the department store group Barneys New York in 2007 for just under $1bn and invested heavily in Las Vegas.Aiden Birkett, managing partner of corporate finance at Deloitte in the UK, has been appointed chief restructuring officer.

In a separate announcement, the Dubai government said it had raised $5bn, as part of a $20bn bond programme launched this year, from two Abu Dhabi-controlled banks. The first $5bn tranche in February was bought by the federal government of the United Arab Emirates, in what was effectively a bailout.

Shakeel Sarwar, head of asset management at Sico Investment Bank, described the request for a debt standstill as "shocking". He said: "The priority now will be to raise money. The best course of action would be to get a temporary reprieve, a one- to two-year cushion until markets improve. Right now, asset sales would be distressed and wouldn't get the best price." Dubai World announced last month it had cut its workforce by 15%.

Okan Akin, credit strategist at RBS in London, warned that it had potential to cause widespread damage. "Lots of local banks will probably have exposure so it may create problems in the banking sector." Dubai World is also thought to be the biggest issuer of Islamic bonds.

Dubai became one of the most conspicuously wealthy Arab states, boasting the world's tallest tower and an indoor ski slope. The extensive property development was aimed at reshaping Dubai as a tourism capital. But property prices have fallen by around 50% in a year as the global economy crashed.

In a statement, Deloitte said Birkett's first priority "will be to evaluate the extent of the restructuring required" working closely with management to oversee the process and "ensure the continuity" of the business. He will also work alongside the Financial Support Fund, a fund set up earlier this year to manage Dubai's bloated debts.

The Dubai government said in a brief statement that the restructuring would be "designed to address financial obligations and improve efficiency for the future".


http://www.guardian.co.uk/business/2009/nov/25/dubai-world-debt-standstill

 

[kaipoh]

I remembered our Ministars were blowing their trumpets that DUBAI will follow the S'pore economic model and that S'pore have exported our expertise to them. This was in the early 1990s.

It went on and on, blah blah blah.

Every fucking cuntry in the world should foolow the S'pore model....China, Vietnam, .....every Lung Chiau cuntry the MINISTARS visit, they always say that.

Well DUBAI is now BROKE.

At least they are HONEST and dare to admit to that.

The CHOW KEILENGS FTs just dumped their hire purchase cars at the airports by the tens of thousands and left Dubai without paying. Wonder how many of those CHOW KEILENGS have found their way to S'pore?

Dubai's main investment fund seeks debt payment delay


<!-- S BO --> <!-- S IIMA --> <table align="right" border="0" cellpadding="0" cellspacing="0" width="226"> <tbody><tr><td>

Dubai World has fuelled the emirate's rapid economic growth of recent years

</td></tr> </tbody></table> <!-- E IIMA --> <!-- S SF -->The government-owned investment company behind Dubai's rapid development drive has asked its creditors for a six-month delay on repaying its debts.
Dubai World, which has total debts of $59bn (£35bn), is asking creditors if it can postpone its forthcoming payments until May next year.

Dubai World has also appointed global accountancy group Deloitte to help with its financial restructuring.

The company has been hit hard by the global credit crunch and recession.
<!-- E SF -->The malaise has also affected Dubai as a whole, where following six years of rapid growth, the economy has slumped since the second half of 2008.
This has led to Dubai property prices falling sharply.

'Shocking'
The Dubai government said in a statement that the request to delay debt repayments also applied to property developer Nakheel, a Dubai World subsidiary.
"It's shocking because for the past few months the news coming out has given investors comfort that Dubai would most probably be able to meet its debt obligations," said analyst Shakeel Sarwar, of SICO Investment Bank.

Dubai is one of the seven self-governing emirates or states that make up the United Arab Emirates.
Analysts say the Dubai government has paid the price for a flamboyant economic model centred on foreign capital and giant construction projects. (...sounds familiar? S'pore?)

Some have speculated it is likely to turn to the more economically conservative Abu Dhabi emirate to bail it out.
Global credit rating agency Standard & Poor's, which rules on a company's or government's ability to repay its debts, said the announcement "may be considered a [debt] default".

As a result, it said it was downgrading its ratings on several Dubai government-related financial entities.
The Dubai World announcement was made on the eve of the Eid al-Adha Muslim festival, which will see many government agencies and companies close in Dubai until 6 December.
​

Fool, doing biz is difference from doing mathematic 1 + 1 = 2, if that's the case why we engage biz expert for the job.
Honestly, majority of Sinkaporeans including our ministers are stupid lots, what happened in the whole world is just what the frog in our backyard well raises it's head and look up - well nothing, the weather still the same it's another sunny day, party time!
Classic example: I was told there was this airport project somewhere in the world, our lky commented our sq headed sinkees are conditioned that it need 3-4 years to accomplish as the awarding party wanted it done in 2 years, we chicken out on the expert's advice! (come on that planet you can work round the clock, no restriction of stop at 1800hrs. like we do). Our awesome salary is justify?
Another noble example: paid peanut get monkey, it's paradoxical. Let me ask you, if you can't read him five-by-five why should you get him in? - the goon china man, the foxy wee and the scummy peh are the good representation of the stupid paradox.
Good luck!

 

[Watchman]

http://www.singsupplies.com/showthread.php?t=37147&highlight=dubai

<iframe src="http://www.singsupplies.com/showthread.php?t=37147&highlight=dubai" height="444" width="555">

 

[ahleebabasingaporethief]

Akan Datang where?

 

[johnny333]

Dubai does not have much oil contrary to what many think. Also their reliance on oil money is subject to fluctuation in oil prices.

Singapore has a much stronger economy. Its port facilties itself does not "run out" like oil and prices for port fees are much more stable. The support industry around the port is also substantial.

Not forgetting that the Spore gov't has access to our CPF funds. Every month how many billions$$$ going into CPF

 

[dysentry]

Dubai Shares Tumble to Two-Month Low After Leadership Shakeup
Share Business ExchangeTwitterFacebook| Email | Print | A A A By Vivian Salama

Nov. 22 (Bloomberg) -- Dubai shares tumbled to their lowest level in two months, led by Emaar Properties PJSC and Dubai Islamic Bank PJSC, after ruler Sheikh Mohammed Bin Rashid Al Maktoum demoted some of the emirate’s most prominent executives.

Emaar, the United Arab Emirates’ largest property developer, dropped to its lowest in more than two weeks. The company’s Chairman Mohammed Ali Alabbar was among officials moved off the board of Dubai’s main holding company, Investment Corp. of Dubai. Dubai Islamic Bank, the country’s biggest Islamic lender, tumbled to the lowest in more then two months.

The Dubai Financial Market General Index slid for a fourth day, losing 2.6 percent to 2,073.66. Abu Dhabi’s index dropped 2 percent, falling to its lowest since Sept. 2. About 188 million shares traded in Dubai’s index today, or 45 percent of the three-month daily average, according to data compiled by Bloomberg.

“The bad news out of Dubai and low volumes before the Eid holiday are definitely weighing heavily on the market,” said Vyas Jayabhanu, head of Al Dhafra Financial Brokerage LLC in Abu Dhabi. “Dubai’s index can easily drop 10 percent in the coming few weeks.”

The stock market will close four days in the next two weeks in celebration of the Islamic Eid Al-Adha holiday on Nov. 26 and 29 and the United Arab Emirates National Day on Dec. 2 and 3.

 

[SotongMee]

Does anyone knows how deep is our lobang?

Just a simple question. If Dubai follow our model, that means we are ahead of them in every way with accordance to the model that we are using. If that's the case, shouldn't we be going bankrupt before they do?

 

[myo539]

I remembered our Ministars were blowing their trumpets that DUBAI will follow the S'pore economic model and that S'pore have exported our expertise to them. This was in the early 1990s.

[Every fucking cuntry in the world should foolow the S'pore model....China, Vietnam, .....every Lung Chiau cuntry the MINISTARS visit, they always say that.[/B]​

Why you contradict yourself???? China follows Singapore model - it becomes the 3rd largest economy in the world. Vietnam is booming in spite of the recession. etc. etc​

 

[myo539]

I remembered our Ministars were blowing their trumpets that DUBAI will follow the S'pore economic model and that S'pore have exported our expertise to them. This was in the early 1990s.[/B]

[Every fucking cuntry in the world should foolow the S'pore model....China, Vietnam, .....every Lung Chiau cuntry the MINISTARS visit, they always say that[/QUOTE]

Why you contradict yourself???? China follows Singapore model - it becomes the 3rd largest economy in the world. Vietnam is booming in spite of the recession. etc. etc

 

[myo539]

I remembered our Ministars were blowing their trumpets that DUBAI will follow the S'pore economic model and that S'pore have exported our expertise to them. This was in the early 1990s.

It went on and on, blah blah blah.

Every fucking cuntry in the world should foolow the S'pore model....China, Vietnam, .....every Lung Chiau cuntry the MINISTARS visit, they always say that. ​

Why contra-dick yourself??? China follows Singapore model is now the Number 3 largest economy in the world. Vietnam is doing quite well in spite of the economic recession, ......blah, blah, blah​

 

[Hakka Tiow]

Why contra-dick yourself??? China follows Singapore model is now the Number 3 largest economy in the world. Vietnam is doing quite well in spite of the economic recession, ......blah, blah, blah

Yeah baby! Suck it! Suck it Deep! PAP Forever!:p:p:p

 

[shelltox]

Fool, doing biz is difference from doing mathematic 1 + 1 = 2, if that's the case why we engage biz expert for the job.
Honestly, majority of Sinkaporeans including our ministers are stupid lots, what happened in the whole world is just what the frog in our backyard well raises it's head and look up - well nothing, the weather still the same it's another sunny day, party time!
Classic example: I was told there was this airport project somewhere in the world, our lky commented our sq headed sinkees are conditioned that it need 3-4 years to accomplish as the awarding party wanted it done in 2 years, we chicken out on the expert's advice! (come on that planet you can work round the clock, no restriction of stop at 1800hrs. like we do). Our awesome salary is justify?
Another noble example: paid peanut get monkey, it's paradoxical. Let me ask you, if you can't read him five-by-five why should you get him in? - the goon china man, the foxy wee and the scummy peh are the good representation of the stupid paradox.
Good luck!

If you are refering to the Changi Airport did the right thing, those indians like to flip pratas. They say 1 thing but actually mean 2 things.

 

[lee6100]

Sultan Bin Salyem, who was removed by Sheikh Mohamed, was head of Dubai World; Dubai World's CIO was Dr. Yu Lai Boon, a Singaporean. Say no more.

 

[ahleebabasingaporethief]

<table border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td rowspan="4" class="msgleft" width="1%">
</td><td class="wintiny" align="right" nowrap="nowrap">24987.1 </td></tr><tr><td height="8">
</td></tr> <tr><td class="msgtxt">By Margot Patrick
Of DOW JONES NEWSWIRES

LONDON (Dow Jones)--European banks face potential losses on an estimated $40 billion in exposure to Dubai after the city state's largest corporate entity, Dubai World, asked creditors for a six month standstill on debt repayments, raising fears that recent signs of improvements in banks' bad debt levels could reverse and Dubai's problems could weigh on the global recovery.
Most banks on Thursday said their exposure to Dubai and Dubai World is small or wouldn't comment. Dubai World accounts for about $60 billion of the city state's $80 billion in liabilities, of which half is estimated by Credit Suisse analysts to be held by European banks.
The city state shocked investors Wednesday by saying it would restructure Dubai World and wants creditors to hold off on demanding interest or repayments until at least the end of May. After several years of rapid and debt-fueled growth, the Dubai economy has suffered in the past 18 months as the global recession took hold and foreign investment in its ambitious infrastructure projects dried up.
Bank analysts at NCB Stockbrokers said Standard Chartered PLC (STAN.LN) is the U.K. bank proportionately most exposed to the United Arab Emirates, with 7% of its loan book in the region. HSBC Holdings PLC (HBC) has about 2% of its loan book in the region, while Barclays PLC (BCS), Royal Bank of Scotland Group PLC (RBS) and Lloyds Banking Group PLC (LYG) have less than 1% of their loans in the UAE, according to NCB analysis.
Fears over Dubai's financial health rattled stock markets Thursday. Major stock indexes in London, Paris and Frankfurt were down by 1.5% to 2% at 1400 GMT. The Stoxx Europe 600 banks index dropped 3.7%, and shares in HSBC and RBS fell more than 4%.
Credit Suisse analysts said European banks could face a 5% increase in their bad loan provisions in 2010, or an aggregate hit of about EUR5 billion after tax, if they lost 50% on their roughly $40 billion exposure to Dubai.
A report by the Emirates Banks Association said the top eight foreign banks in the United Arab Emirates by lending volume--HSBC, Standard Chartered, Barclays, Royal Bank of Scotland's ABN Amro, Citigroup Inc. (C), BNP Paribas SA (BNP.FR), Lloyds and Credit Agricole SA's (ACA.FR) Calyon--extended about $36 billion in loans last year throughout the federation, without breaking down the loans by emirate or type of borrower.
Calyon in an email said it has a "small exposure" to Dubai World's debt, and that it doesn't think it has any cause to worry about the announced restructuring.
Standard Chartered said it doesn't comment on specific clients and would make a statement if it had anything material to disclose, while the other banks declined to comment on their Dubai exposure.
Banks that acted as arrangers or bookrunners on Dubai World's most recent $5.5 billion loan facility in June 2008 include HSBC, RBS, Lloyds, ING Groep N.V. (ING) and Calyon, as well as Bank of Tokyo-Mitsubishi UFJ (MTU), Sumitomo Mitsui Banking Corporation (JD-SMU), Emirates Bank and Mashreq Bank (MASQ.DFM).
ING said its exposure is small. The Asian and Middle Eastern banks couldn't immediately be reached. The Eid holiday means that government and private sector offices are closed throughout the Middle East.
Banks helping entities to place loans typically keep at least 10% of the total, while syndicating the rest to other banks and institutional investors. It is possible some of the banks involved in the financing have no remaining exposure to Dubai World. Most of the banks have also worked on financings for other entities controlled by the city state.
According to Dealogic data, other banks who have worked on bond and loan financings for Dubai entities include Barclays, Citigroup, Credit Suisse Group (CS) and Deutsche Bank AG (DB).
Credit Suisse said its exposure to Dubai World is "not material." A person familiar with the matter said Deutsche Bank's exposure to Dubai World isn't noteworthy.
While it is too soon to predict the outcome of the Dubai World restructuring, financial reorganizations usually result in lenders having to make concessions on how quickly they are repaid, accept lower rates of interest, or to swap their debt for equity.
The cost of insuring sovereign Dubai debt against default rose to $570,000 to insure $10 million of bonds, up from $440,000 at Wednesday's New York close, according to data provider CMA.
In the first half, Standard Chartered took $460 million in impairment charges against Middle East loans, 42% of its total group impairment, and up from $80 million in the first half of 2008, highlighting the rapid deterioration in the region's economy. HSBC's impairment charge in the Middle East in the first half was $391 million, up from $41 million in first-half 2008.

-By Margot Patrick, Dow Jones Newswires; +44 (0)20 7842 9451; [email protected]
(Jethro Mullen in Paris, Andrew Critchlow in Dubai, Eyk Henning in Frankfurt, Katharina Bart in Zurich, Maarten Van Tartwijk in Amsterdam and Michael Wilson in London contributed to this article.)
</td></tr></tbody></table>

 

[yellow_people]

At least they are HONEST and dare to admit to that.

The CHOW KEILENGS FTs just dumped their hire purchase cars at the airports by the tens of thousands and left Dubai without paying. Wonder how many of those CHOW KEILENGS have found their way to S'pore?

Now what about the CHOW AH BENGS, 75% of whom made this country what it is today?
Are they honest enough and dare to admit their culpability instead of just whining in the forum?

 

[Debonerman]

I remembered our Ministars were blowing their trumpets that DUBAI will follow the S'pore economic model and that S'pore have exported our expertise to them. This was in the early 1990s.

It went on and on, blah blah blah.

Every fucking cuntry in the world should foolow the S'pore model....China, Vietnam, .....every Lung Chiau cuntry the MINISTARS visit, they always say that.

Well DUBAI is now BROKE.

At least they are HONEST and dare to admit to that.

The CHOW KEILENGS FTs just dumped their hire purchase cars at the airports by the tens of thousands and left Dubai without paying. Wonder how many of those CHOW KEILENGS have found their way to S'pore?

Dubai's main investment fund seeks debt payment delay


<!-- S BO --> <!-- S IIMA --> <table align="right" border="0" cellpadding="0" cellspacing="0" width="226"> <tbody><tr><td>

Dubai World has fuelled the emirate's rapid economic growth of recent years

</td></tr> </tbody></table> <!-- E IIMA --> <!-- S SF -->The government-owned investment company behind Dubai's rapid development drive has asked its creditors for a six-month delay on repaying its debts.
Dubai World, which has total debts of $59bn (£35bn), is asking creditors if it can postpone its forthcoming payments until May next year.

Dubai World has also appointed global accountancy group Deloitte to help with its financial restructuring.

The company has been hit hard by the global credit crunch and recession.
<!-- E SF -->The malaise has also affected Dubai as a whole, where following six years of rapid growth, the economy has slumped since the second half of 2008.
This has led to Dubai property prices falling sharply.

'Shocking'
The Dubai government said in a statement that the request to delay debt repayments also applied to property developer Nakheel, a Dubai World subsidiary.
"It's shocking because for the past few months the news coming out has given investors comfort that Dubai would most probably be able to meet its debt obligations," said analyst Shakeel Sarwar, of SICO Investment Bank.

Dubai is one of the seven self-governing emirates or states that make up the United Arab Emirates.
Analysts say the Dubai government has paid the price for a flamboyant economic model centred on foreign capital and giant construction projects. (...sounds familiar? S'pore?)

Some have speculated it is likely to turn to the more economically conservative Abu Dhabi emirate to bail it out.
Global credit rating agency Standard & Poor's, which rules on a company's or government's ability to repay its debts, said the announcement "may be considered a [debt] default".

As a result, it said it was downgrading its ratings on several Dubai government-related financial entities.
The Dubai World announcement was made on the eve of the Eid al-Adha Muslim festival, which will see many government agencies and companies close in Dubai until 6 December.
​

one liner.................